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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.5x - 1.7x | 1.6x |
| Selected Fwd Ps Multiple | 1.6x - 1.7x | 1.7x |
| Fair Value | $17.62 - $19.48 | $18.55 |
| Upside | 49.7% - 65.5% | 57.6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| International Consolidated Airlines Group S.A. | - | LSE:IAG |
| Deutsche Lufthansa AG | - | LSE:0H4A |
| Jet2 plc | - | AIM:JET2 |
| Cathay Pacific Airways Limited | - | OTCPK:CPCA.F |
| Japan Airlines Co., Ltd. | 920,100.0% | TSE:9201 |
| Ryanair Holdings plc | - | OTCPK:RYAO.F |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| IAG | 0H4A | JET2 | CPCA.F | 9201 | RYAO.F | |||
| LSE:IAG | LSE:0H4A | AIM:JET2 | OTCPK:CPCA.F | TSE:9201 | OTCPK:RYAO.F | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 4.7% | 0.6% | 16.1% | -0.5% | 2.1% | 11.8% | ||
| 3Y CAGR | 56.0% | 30.7% | 151.0% | 31.8% | 50.8% | 101.8% | ||
| Latest Twelve Months | 9.0% | 6.1% | 18.0% | 10.5% | 12.6% | 5.3% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -23.8% | -10.2% | -13.8% | -10.8% | -12.4% | -4.1% | ||
| Prior Fiscal Year | 9.0% | 5.4% | 5.8% | 9.6% | 2.5% | 12.2% | ||
| Latest Fiscal Year | 8.5% | 3.7% | 6.4% | 9.2% | 5.8% | 14.3% | ||
| Latest Twelve Months | 8.5% | 3.7% | 7.2% | 9.2% | 5.5% | 12.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 3.8x | 3.8x | 0.6x | 4.8x | 3.6x | 7.0x | ||
| Price / LTM Sales | 0.4x | 0.2x | 0.4x | 0.5x | 0.6x | 1.4x | ||
| LTM P/E Ratio | 4.9x | 5.2x | 5.3x | 5.9x | 10.6x | 11.8x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.2x | 0.4x | 0.6x | |||||
| Historical LTM P/S Ratio | 1.1x | 1.8x | 6.9x | |||||
| Selected Price / Sales Multiple | 1.5x | 1.6x | 1.7x | |||||
| (x) LTM Sales | 13,821 | 13,821 | 13,821 | |||||
| (=) Equity Value | 21,236 | 22,354 | 23,471 | |||||
| (/) Shares Outstanding | 1,396.5 | 1,396.5 | 1,396.5 | |||||
| Implied Value Range | 15.21 | 16.01 | 16.81 | |||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | ||||
| Implied Value Range (Trading Cur) | 16.82 | 17.70 | 18.59 | 11.77 | ||||
| Upside / (Downside) | 42.9% | 50.4% | 57.9% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | IAG | 0H4A | JET2 | CPCA.F | 9201 | RYAO.F | |
| Value of Common Equity | 13,239 | 7,136 | 2,651 | 67,809 | 1,027,437 | 14,862 | |
| (/) Shares Outstanding | 4,791.7 | 1,198.3 | 214.7 | 7,280.9 | 436.6 | 1,396.5 | |
| Implied Stock Price | 2.76 | 5.96 | 12.35 | 9.31 | 2,353.50 | 10.64 | |
| FX Conversion Rate to Trading Currency | 1.16 | 1.00 | 1.00 | 7.76 | 1.00 | 0.90 | |
| Implied Stock Price (Trading Cur) | 2.38 | 5.96 | 12.35 | 1.20 | 2,353.50 | 11.77 | |
| Trading Currency | GBP | EUR | GBP | USD | JPY | USD | |
| FX Rate to Reporting Currency | 1.16 | 1.00 | 1.00 | 7.76 | 1.00 | 0.90 | |